JSE-listed retail-led healthcare group Clicks has acquired the rest of the shareholding it doesn’t already own in Sorbet Holdings, for R105 million from Old Mutual Private Equity, giving the retailer its first taste at owning a franchise chain. Clicks Group has owned a 25% stake in Sorbet Brands – which holds the Sorbet intellectual property – since 2015 and will now hold 100% of Sorbet group entities, it announced on Thursday. Clicks shares were up 0.51% to R294.95 by 11:45 on Thursday.
Read:Clicks shelves will be well-stocked for festive shopping Sale was imminent Old Mutual Private Equity co-head Jacci Myburgh said the sale of its holding in Sorbet has been part of the plan since the entity first acquired the beauty salon franchise, as part of its purchase of the Long4Life Group.